4 questions for a pro: Realtor Rosemary Mahoney

Rosemary Mahoney of RE/MAX Palm Realty in Port Charlotte worked as a mortgage processor in a local bank before getting into real estate in 1989. She covers the area from North Port to Punta Gorda, including Port Charlotte and Englewood. Recently, she was recognized as "Member of the Year" by the national chapter of Women's Council of Realtors in Washington, D.C. Correspondent Chris Angermann interviewed her when she visited the RE/MAX Platinum Realty offices in downtown Sarasota.

Q:What has the real estate market been like in your area?

A:Our market got hit hard. I think we went up early and fast, and when the pendulum swung the other way and kind of overcorrected, our recovery also started a little earlier than everyone else's.

There was a lot of speculative building in North Port, but not so much in Punta Gorda. Punta Gorda Isles, which has a lot of waterfront, is a large portion of that market, and there weren't many foreclosures because of the kind of clientele that purchased there. Are some of the people upside down on their homes? Yes, unfortunately; but they're going to stick it out, especially if they bought with cash.

Right now, we have low inventory, and it's going down each week, so that's a shift. I'm not even sure at this point we have a buyer's market any more. We're almost at a transition point, except for interest rates, which are phenomenal. Having been in real estate as long as I have, I've seen this before — when property values start to climb upward again — and I'm hoping it's not too fast. I hope we're back to nice, normal gains, under double digits.

Q:How are your areas different from Sarasota?

A:Punta Gorda is quieter. It has beautiful communities on and off the water, and several new developments. Punta Gorda Isles is well established. And we have a wonderful downtown, which is incredibly different since Hurricane Charley — the revitalization has been beautiful.

Port Charlotte is much younger than it was when I moved here, and getting younger all the time. You see soccer and baseball games and young kids everywhere, so there is more of a mix of families in the communities. It doesn't have a lot of subdivisions or deed- restricted areas. There are streets that have huge waterfront homes on one side and small houses on the other, but it all seems to work together.

North Port is up and coming again. It's very much younger than it used to be, and has a lot of new homes. And, yes, you can still get a good buy on a new home that has all the hurricane standards you'd want. It may not be the steal it was a year ago, but it's still a good buy and a good market for young families and retirees. It is also a great place for small businesses. Right now, commercial properties are still lagging behind, so lease prices are down — a great time to get in and get going.

Q:What do you see as the major challenges?

A:Getting people qualified for mortgage loans. The banks are being careful. Again, it's the pendulum swinging the other way and overcorrecting. The banks really want to make sure they have a well-documented file and that people looking to purchase can really afford it. I won't show a property unless we have some kind of pre-qualification from a bank, because it could not only be a waste of time, but heartbreaking if you take someone out and they fall in love with a house and find they can't afford it. And that's how I explain it to them. "I want you to get prequalified so we know you're looking at a house you can buy."

The other challenge is buyers understanding that the market is changing. It surprises a lot of people. They come here from other states where they still haven't hit bottom, and we tell them, "There are 10 offers on that house, put your best foot forward," and they go, "What! How can that be?!"

Q:So you're bullish about our prospects?

A:Yes, I am. I think we are headed in the right direction. We may have a hiccup or two along the way, but that typical for a recovery cycle. Neighborhoods go through cycles, too, and I've been noticing more people mulching their yards, and more handyman trucks in the neighborhoods. That's consumer confidence. People feel like they can invest in their homes again.